Former APG business park developer Opus East to liquidate under Ch. 7 - Business Courier of Cincinnati:

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Unable to refinance millions of dollardin debts, the company plans to liquidat its portfolio of commercial properties throughout the It was unclear how much Opus East expects to fetchj for its properties. Parent companyt , of Minneapolis, made the announcement in a news releas e and said another ofits subsidiaries, Ariz.-based Opus West, expects to seek Chapter 11 protectionn in July. In its bankruptcy filing, the companty listed assets ofbetween $50 million and $100 million and liabilitiesz of between $100 million and $500 million.
“Declining real estate values and tight credit markets continue to impede the refinancing of assetsz and restructuring oflending agreements,” Mark CEO of Opus Corp., said in a statement. In additiohn to general market conditions, the companyg cited $35 million in unpaid wageds from the federal for a project it was developinb in College Park forthe , company spokeswomajn Winston Hewett said in a telephone interview. The companyy had ceased building speculative office buildings more than ayear ago, and it trimmedd its workforce from about 100 employees last year to abourt 16 employees as of June 15. The company did not includd all of its subsidiaries inthe filing.
It for example, Maryland Enterprise LLC, which was developinb the propertyfor NOAA, and Nursery Corne r LLC, which built a 160,000-square-foot office building in Linthicum Heightw for defense contractor Opus East has developedd more than 13.3 million square feet of spacde since 1994. Opus West has developed more than 52.7 millionn square feet since 1979. These bankruptcies come on the heels of the April 22 bankruptcy of OpusSouth Corp., an Opus affiliates based in Atlanta. Opus has said it plans to wind down its operationsw in that part of the countrtyas well. Opus has said it plans to continuse to run its remaining operating OpusNorth Corp.
, basedr in Chicago, and Opus based in Minnetonka. Those unitsa are actively pursuing projects. They also have been less affected bythe recession, due to their mix of projectg types, healthy balance sheets and stronged markets, according to Opus' press release. Opus said its developmentg activity has fallen tojust 4.8 millionb square feet in 2009, down from 34 million square feet in 2007 and 35 milliohn square feet in 2008.